On Dec. 31, 2016, SLU Corporation's shareholder's equity section of the statement of financial position follows:

Share Capital:
Ordinary Shares, $120 par, 2,000 shares authorized, 1000 shares issued and outstanding	$120,000
Share Premium	6,000
Total Share Capital		126,000
Retained Earnings		48,000
Total Shareholders Equity		174,000

On July 15,2016, the board of directors declared a cash dividend of $12 per share, which was paid on Aug 1,2016. On Dec 1, 2016, the board declared a share dividend of 10%, and the shares were issued on Dec 15,2016. Market value of the stock was $144 on Dec.1 and $168 on December 15.

Required:

Prepare the journal entries for these dividend transactions.